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Tuesday, 28 April 09
S'PORE COURT RULES AGAINST DEUTSCHE ON ASSET SALE - REUTERS
Singapore's highest court has ruled that Deutsche Bank (DBKGn.DE) may have to pay unspecified damages to an investment firm as it did not get the best price for Indonesian assets that were sold in 2001 to settle a debt.
The case, which has its origins in the 1997/98 Asian financial crisis, involves a 40 percent stake in PT Adaro Energy (ADRO.JK), Indonesia's second-largest coal miner, and pits Germany's largest lender against Beckkett, a Singapore investment firm linked to Sukanto Tanoto, one of Indonesia's richest men.
The dispute involved claims and counterclaims in the tens of millions of dollars.
In a judgement on Monday, Singapore's Court of Appeal said Deutsche Bank did not take proper steps to sell a 74.2 percent stake in a firm called Swabara Mining at the best price. The shares had been pledged as security for a $100 million loan, court documents show.
The shares in Swabara, whose assets included the Adaro stake, belonged to Beckkett. The Swabara shares were sold by Deutsche for about $46 million to an investment firm linked to the Soeryadjayas, a wealthy Indonesian family.
The Singapore court ordered that Deutsche pay damages based on the valuation of the pledged shares, although it did not specify the amount. The compensation due to Beckkett will be assessed at a hearing before a registrar at a future date.
The court, however, also upheld Deutsche's claim that it suffered a loss of $86.9 million, which was the balance of the loan after the sale of the pledged shares plus interest and costs.
UBS analyst Andreas Bokkenheuser said in a note to clients on Tuesday the Singapore judgement created "an overhang" risk in that Beckkett's claim could be extended to Adaro.
The ruling may also delay an upcoming sale of a 17 percent stake in Adaro by a group of minority shareholders, UBS said.
Adaro's shares fell almost 2 percent on Tuesday after news of the judgement, versus a 1.3 percent gain in the Jakarta bourse .JKSE.
In a statement on Tuesday, Beckkett said the damages owed by Deutsche could be "in excess of $150 million" even after settling Deutsche's counterclaim in full.
Beckkett said it arrived at the figure after referencing Deutsche's own valuation of the assets held by Swabara.
Deutsche spokesman Michael West, however, described Beckkett's calculation as "entirely speculative".
"Beckkett has to still prove that it suffered a loss," Deutsche said in a statement. "Deutsche will present evidence for the first time to the court in support of its valuation of the shares" at the upcoming registrar's hearing, the bank said. (Additional reporting by Saeed Azhar; Editing by Neil Chatterjee & Ian Geoghegan)
Source: http://uk.reuters.com/article/oilRpt/idUKSIN46298020090428?pageNumber=2&virtualBrandChannel=0&sp=true
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Wednesday, 27 May 09
NEWCASTLE PORT'S WEEKLY COAL EXPORTS INCREASE 3.6% - BLOOMBERG
Coal shipments from Australia’s Newcastle port, the world’s biggest export harbor for the fuel, rose 3.6 percent last week while the num ...
Wednesday, 27 May 09
EUROPEAN COAL PRICES FOR 2010 SETTLEMENT DROP TO 11-DAY LOW - BLOOMBERG
Benchmark European coal derivatives declined to an 11-day low as oil prices slumped.
Coal for delivery to Amsterdam, Rotterdam or Antwerp with se ...
Tuesday, 26 May 09
NEW MINING PERMITS TO BE OBTAINABLE WITHIN TWO WEEKS' TIME - MAJALAHTAMBANG
The Indonesian government is currently formulating a procedure for companies willing to obtain mining permits (IUP in its Indonesian abbreviation). ...
Tuesday, 26 May 09
KADIN CALLS FOR BIGGER RECOGNITION OF MINING SECTOR - MAJALAHTAMBANG
The Indonesian Chamber of Commerce and Industry (KADIN Indonesia) had called other sectors, particularly the forestry and the land administration se ...
Tuesday, 26 May 09
TUTICORIN PORT TO INVEST RS 700CR FOR COAL HANDLING FACILITIES
Business Standard reported that, The Tuticorin Port will develop coal handling facilities for state-run Neyveli Lignite Corporation (NLC) and Coasta ...
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- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Australian Coal Association
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Romanian Commodities Exchange
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- PTC India Limited - India
- Trasteel International SA, Italy
- Planning Commission, India
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
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